Unofficial translaction
3) At the court clerk or the competent body in the State partyoverseeing the Register of
Commerce and Securities where the seller is registered; the court clerk or the competent
body in the State party shall proceed with the inclusion of this objectionin the Registerof
Commerce and Securities.
The objection act shall state, in addition to the identification of the objecting
creditor,theamountandcausesoftheclaim,andthe elected domicile in the jurisdiction where is
kept the Register of Commerce and Securities.
Formalities so chargeable to the objecting creditor by this Article shall besatisfiedunder
penalty of nullity of his objection.
ARTICLE 160-The objection shall produce conservatory effect.
It is the responsibility of the objecting creditor to seize the competent court on his claim and
receive payment therefor.
ARTICLE 161– The seller may obtain from the competent court ruling expeditiously the
removal of the objection and the payment of the enterpriseonly in exchange of a suretyship, or
guarantee equivalent to the amount of the claimbeing objected.
Thesellermay alsoobtain amicably from the objecting creditorthe removal of his objection; in
this case, the removalmust be notified by the objecting creditor within the guidelines of article
159above.
ARTICLE 162- The objection which, within the month of its notification, is not removed
amicably or is not brought before the judge pursuant to article 160 above shall be
automatically null and void. At the request of any interested party, the competent court ruling
expeditiously shall record such nullity and order the removal of the objection without
prejudice to any claim for damages for an unreasonable objection.
ARTICLE 163- Anycreditor who registered a lien or pledge, or having regularly lodged
objections may, within one month of the publication of the sale in a
newspaperempoweredtopublishlegal notices,launch a bidequal to 1/6 overthe price of the
enterprise set out in the bill of sale.
When the enterprisehas been subjected to a forced sale, secured and objecting creditors shall
benefitfromthe same bidding rightthatmustbe exercised within the same time limit starting from
the award.
The bidder shall report the amount of the price increased by 1/6, within the same period, at the
clerk of the competent court or the competent body in the State party.
ARTICLE 164-The terms of reference, established in court prior to the sale at the behest of
OHADA / Uniform Act / Unofficial Translations
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